Let's talk about cryptocurrency

[I_royalty_I]

Do you know what it is? Are you interested in it?
I have been involved with investing/trading crypto for a little over two years now. I've started seeing a lot more about it in the news than I have in the past. That could be because I'm looking for it more than other people though.

Does anybody else have any interest in it? Is there anything in particular that you are curious about or want information on? I have picked the ideas to a bunch of friends, family and friends of friends on how to get started and laying out the basics.

Tossing around the idea of putting a little informational site/community of sorts to kind of start from the ground and work up. I wanted to get some additional feedback to try and figure out how to structure things. So if you have any questions about things, post em up or send me a PM.

[Agony]

I have to say, it is something id like to learn about but being a complete and utter newb, I wouldn't have a clue how to

[Goddammit]

I have to say, it is something id like to learn about but being a complete and utter newb, I wouldn't have a clue how to

This. Like, I'm vaguely aware of what it is (bitcoin and all that) but aside from some general, very basic knowledge, I dont know much about it at all.

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[Serpent Rider]

Will we have a shamanistic section of the site where we can invoke the favour of Sminem the bringer of bull markets? If I have to withstand another dump by the Bogdanoffs, I think I'm going to go insane

[munsterpoo]

I think the bigger problem is selling the legitimacy and soundness of one crypto currency when every year several new crypto’s hit the economy.

Also the market is relatively small for them so - those news stories have a large impact on prices / volatility.

[tatnoob]

I tried trading crypto late last year and I lost quite a fair bit of money off it.
It was unfortunate that I was buying an alt coin with seemingly good potential but I was caught in the middle of a pump and dump wave without realising. So I lost 50% of my investment within a day.
Thankfully my Eth trading covered about half of the losses, I didn't touch any of them after that, because I still think crypto is just a hype till the next 'breakthrough' in technology comes.
It's good money for a short term trading then because of the hype, I don't think as a long term investment it'll work out.

[Holly]

I've kinda wanted to mess around with it, but I'm lazy and broke and have a toddlers understanding of how mining works.

Have seen someone on Reddit suggest whattomine.com for advice and Raspberry Pi tutorials which I might mess with one day, but I imagine that will make you about 5 cents a month at best. The major profit has been missed for basic equipment.

[I_royalty_I]

I have to say, it is something id like to learn about but being a complete and utter newb, I wouldn't have a clue how to

If I were to tell you that part of the basics come down to having a public and private key for your wallet - would that make any sense?
aka you have a public key (Address) that the world can see, input to send coins/tokens to, and view your past transations/holdings.
Your private key is the key that you use to login to your wallet. If you were ever to start messing around with it, NEVER give anybody your private key. This is basically your password for your wallet.

This. Like, I'm vaguely aware of what it is (bitcoin and all that) but aside from some general, very basic knowledge, I dont know much about it at all.

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I think this is pretty common. I'm sure almost everybody has at least HEARD of bitcoin by now. There are SO many other projects out there though in addition to bitcoin. Bitcoin was just the first one to start the whole cryptocurrency thing. I'm trying to think of how to properly lay out some basics and such to people who aren't familiar with it. I've been doing it for awhile so some things I might seem are common sense or second natural might not be at all for other people!

Will we have a shamanistic section of the site where we can invoke the favour of Sminem the bringer of bull markets? If I have to withstand another dump by the Bogdanoffs, I think I'm going to go insane

My portfolio is SO ready for the next bull market. I'm at about 60% of the highest my portfolio ever got during that run this past January. Bring out the bulls!

I think the bigger problem is selling the legitimacy and soundness of one crypto currency when every year several new crypto’s hit the economy.

Also the market is relatively small for them so - those news stories have a large impact on prices / volatility.

That's very true. There are so many projects out there that it's tough to figure which are bad bets and which actually have some potential. I have a pretty solid grasp on a bunch of good projects because I have been following them back to when they were in the pre-ico stage. It's crazy just HOW MANY have popped up lately. Some have good intentions but can't compete with the first movers. Others are just... horrible bets from the get go. They might not be complete scams but they are clueless one way or another.

I tried trading crypto late last year and I lost quite a fair bit of money off it.
It was unfortunate that I was buying an alt coin with seemingly good potential but I was caught in the middle of a pump and dump wave without realising. So I lost 50% of my investment within a day.
Thankfully my Eth trading covered about half of the losses, I didn't touch any of them after that, because I still think crypto is just a hype till the next 'breakthrough' in technology comes.
It's good money for a short term trading then because of the hype, I don't think as a long term investment it'll work out.

Which coin did you lose money on out of curiosity? I think crypto has a very strong potential to change the landscape of our daily lives. Maybe not IMMEDIATELY, but give it 5 years and I think we will see some pretty insane progress. I agree that the massive bull run this year was purely hype. I feel bad for people who jumped in then and have been riding the wave all the way down to where we are now. It's nothing new though because it has happened multiple times in the past. Maybe not with numbers that large, but ups and downs definitely happen. It's a lot of hype right now until crypto gets mass adoption. When that happens, look out. There are a lot of things going on behind the scenes, working to disrupt some pretty huge industries.

I've kinda wanted to mess around with it, but I'm lazy and broke and have a toddlers understanding of how mining works.

Have seen someone on Reddit suggest whattomine.com for advice and Raspberry Pi tutorials which I might mess with one day, but I imagine that will make you about 5 cents a month at best. The major profit has been missed for basic equipment.

I wouldn't recommend mining to anybody right now. Granted, I have really messed around with it but the profit margins aren't there for me. There are some huge companies that have insane amounts of processing power that make millions.. making it tough for us little guys to really make any serious money. The best bet right now is to put your money into coins that haven't had their price discovery yet. Some coins were released when the market was on the decline. They are amazing projects with huge potential but the price hasn't jumped up because it wasn't a solid environment yet. I'm working on moving my ETH into projects like this, just waiting for them to jump. As an example.. I invested in the ICO of a coin earlyyyy this year. It was at like $0.25/coin and I was waiting for it to have it's day - it finally did recently. It's gotten up to like $3.40/coin recently and I think that's only the beginning. It's all about patience and having funds in the right spot!

[tatnoob]

Which coin did you lose money on out of curiosity? I think crypto has a very strong potential to change the landscape of our daily lives. Maybe not IMMEDIATELY, but give it 5 years and I think we will see some pretty insane progress. I agree that the massive bull run this year was purely hype. I feel bad for people who jumped in then and have been riding the wave all the way down to where we are now. It's nothing new though because it has happened multiple times in the past. Maybe not with numbers that large, but ups and downs definitely happen. It's a lot of hype right now until crypto gets mass adoption. When that happens, look out. There are a lot of things going on behind the scenes, working to disrupt some pretty huge industries.

I bought TRX then. There's certain things that only time will tell I guess..

[I_royalty_I]

I bought TRX then. There's certain things that only time will tell I guess..

I wouldn’t say Tron was necessarily a pump and dump.. more like the hype made it explode. There’s a difference between the hype and a pump and dump. Lots of coins get their price jumps when their first hit a big exchange, since it’s available to a wider audience. There are a few I’m trying to pick up now but it’s so hard because they are only on obscure exchanges with not much traffic. You have to be very careful and know what you’re getting into. It’s a lot of luck, combined with positioning yourself in the right place at the right time.